The U.S. Government is Going Broke


	The U.S. Government is Going Broke

thisnamecantbetaken

10-17-2009 6:02 AM

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10-17-2009 7:33 AM

ofcapri

Isn't most of our debt with China? How many times in your life's experiences have you been forewarned not to put all your eggs in one basket and by doing so it was beneficial to you? My concern is about our debt to China will eventually lead to a loss of power on our behalf of our debt to China because we are unable to full-fill our obligation of our debt to them.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/6ec99884-d9c0-4198-9832-0b81166cd397/6164A817-4D6D-49E2-9DFF-12F04ADF8910/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://moneynews.newsmax.com/streettalk/kotlifoff/2009/09/28/265490.html" href="http://moneynews.newsmax.com/streettalk/kotlifoff/2009/09/28/265490.html" style="font-size: 11px;">moneynews.newsmax.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://moneynews.newsmax.com/streettalk/kotlifoff/2009/09/28/265490.html"><P>
Boston University economics professor Laurence Kotlikoff says the government “is going broke.”
</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://moneynews.newsmax.com/streettalk/kotlifoff/2009/09/28/265490.html">he points out that bankruptcy is usually defined as an inability to pay interest on current debt, with no prospect of being able to pay without changes in circumstances. 
</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://moneynews.newsmax.com/streettalk/kotlifoff/2009/09/28/265490.html">Kotlikoff drops the first half of the definition,</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://moneynews.newsmax.com/streettalk/kotlifoff/2009/09/28/265490.html"><P>He instead looks at whether Uncle Sam can pay all of its future obligations under reasonable assumptions. The conclusion: probably not.
</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://moneynews.newsmax.com/streettalk/kotlifoff/2009/09/28/265490.html">the gap between all the government’s expected liabilities and its probable revenue at about $60 trillion, depending on the assumptions. 
</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://moneynews.newsmax.com/streettalk/kotlifoff/2009/09/28/265490.html">that totals about five years’ worth of GDP, or a few decades of tax revenue at current rates.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://moneynews.newsmax.com/streettalk/kotlifoff/2009/09/28/265490.html"><P>Investment guru Marc Faber, in an interview with Bloomberg, issued this dire warning: “I don’t know whether it will be tomorrow or in three years, five years, 10 years. But the next crisis will bring down the entire capitalist system.”
</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/6164A817-4D6D-49E2-9DFF-12F04ADF8910/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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